Valuations look extreme
Yields are very, very low
Tesla now has a market value of more than $1 trillion, making it one of the five largest companies in the U.S. The dominance of the top five is now its greatest in more than 50 years
Active equity managers can’t beat their benchmarks
So, What's Going On?
The rise of Tesla and the others means that all of us who have money in index funds now have much more exposure to some companies whose value lies in earnings far in the future.
John Authers Bloomberg 8 November 2021